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Wednesday, September 7, 2011

20 Quotes from European Leaders That Prove That They Know That the Financial System in Europe Is Doomed

Michael Snyder

The financial crisis in Europe has become so severe that it has put the future of the euro, and indeed the future of the EU itself, in doubt. If the financial system in Europe collapses, it is going to plunge the entire globe into chaos. The EU has a larger economy and a larger population than the United States does. The EU also has more Fortune 500 companies that the United States does. If the financial system in Europe breaks down, we are all doomed. An economic collapse in Europe would unleash a financial tsunami that would sweep across the globe.

International Monetary Fund Managing Director Christine Lagarde: “Developments this summer have indicated we are in a dangerous new phase” Most of the individuals quoted above desperately want to save the euro. They are not going to go down without a fight. The overwhelming consensus among the political and financial elite in Europe is that increased European integration in Europe is the answer.

This would be yet another example of the classic problem/reaction/solution paradigm. The “problem” would be a horrible financial crisis and economic downturn in Europe. The “reaction” would be a cry from the European public for someone to “fix” things and return things back to “normal”. The “solution” would be a “United States of Europe” with much deeper economic and political integration which is something that many among the political and financial elite of Europe have wanted for a long, long time. Right now, the people of Europe are very much opposed to deeper economic and political integration. For example, 76 percent of Germans says that they have little or no faith in the euro and one recent poll found that German voters are against the introduction of “Eurobonds” by about a 5 to 1 margin. It looks like it may take a major crisis in order to get the people of Europe to change their minds. Unfortunately, it looks like that may be exactly what is going to happen.